Monday, August 15, 2022

Climate action project backed by blockchain technology launches

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Staff Writer
Staff Writer
Africa Feeds Staff writers are group of African journalists focused on reporting news about the continent and the rest of the world.
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Open Forest Protocol (OFP) – an open platform to transparently measure, verify and fund forestation projects with blockchain technology – has gone live and is ready to accelerate climate action by onboarding projects on the carbon neutral NEAR Protocol.

The announcement signifies the beginning of one of the first open and free, Measurement, Reporting and Verification (MRV) services accessible to forestation projects of any size, throughout the world.

The decentralized and scalable Open Forest Protocol is in alignment with the UNFCCC recommendations for effective forest conservation and restoration to revert forest loss, protect and preserve biodiversity, ecosystems and life.

The Open Forest Protocol launches its mainnet with 435,000 hectares of natural forest committed to its platform from forty-six forest project partners in thirty-five countries.

There is no fee to join or to operate.

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“Open Forest Protocol provides a clear pathway for re-inventing and rapidly scaling reforestation and forest management, nature-based carbon markets, and our relationship with nature.

But in reality, this core logic is actually only the mothership of an entire fleet of services that our ecosystem will be able to offer in the future – all subsumed beneath a single token – the $OPN that will be launched later this year,” said Michael Kelly, Co-Founder, CPO of OFP.

A community-based, decentralized network of environmentally-focused individuals and organizations will transparently validate data measured and reported from all forests, in a permanent updated record, publicly auditable on OFP.

Opening direct access to support, funding and carbon financing, for successfully validated projects.

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“We are driven by purpose and seek like-minded partners who are open to share our values and vision,” said Frederic Fournier, Co-Founder, CEO of Open Forest Protocol. “We are thrilled to be working with NEAR on our world-changing mission to make a tangible contribution towards tackling climate change.”

OFP’s Open-MRV has the potential to unlock carbon financing for forests across the world, with the promise of bringing high quality, auditable, carbon credits to countries, companies and institutions looking to meet their emission targets.

The first and only Web3 native Open- MRV system will empower climate and blockchain projects alike, to share and scale nature’s answers with the world.

“Technology has a clear role to play in ensuring sustainability for future generations,” said Marieke Flament, CEO of the non-profit NEAR Foundation, which oversees development and funding for creators on the NEAR Protocol.

“This collaboration with Open Forest Protocol reiterates our commitment to ecological stewardship. This has been demonstrated not only towards our own carbon neutrality but also through supporting projects that are strengthening the global ecosystem for centuries to come.”

With a human-centric and natural approach to blockchain, the platform’s launch is a new approach to forest management: One that is open, with trees and forests leading the world forward, so as to accelerate a positive change in climate. All starting from truth.

About Open Forest Protocol

Open Forest Protocol innovates value creation and global forest monitoring. It uses the original concept of blockchain, to bridge the incentive of carbon financing towards an economy that values natural assets in nature.

The OFP team is a convergence of international scientists, economists, blockchain developers, philosophers, environmentalists and individuals driven by a sense of common purpose.

Open Forest Protocol is based in Switzerland.  For more information visit: www.openforestprotocol.org

 

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